Line cookie sheet with waxed paper.

Pour cereal into 4-quart bowl; set aside.

In 3-quart saucepan, heat marshmallows and butter over low heat, stirring constantly, until smooth.

Remove from heat.

Stir in food color until mixture is evenly colored.

Pour over cereal and stir until evenly coated.

For each tree, using hands lightly sprayed with cooking spray, shape about ¼ cup cereal mixture into Christmas tree on cookie sheet.

Press candies into trees to decorate.

Refrigerate until firm, about 1 hour.

Store loosely covered up to 2 days.